Sunday closes $45 million Series B funding round
Thai Insurtech Sunday, the leader in insurance and technology services in Southeast Asia, has successfully raised Series B funding with Tencent and other leading investors including SCB 10X, Vertex Growth and Vertex Ventures Southeast Asia & India, Quona Capital, Granite Oak, Aflac Ventures. This fundraising has been very well received by leading investors both domestically and internationally. Investors will join KSK Ventures and OSK-SBI Venture Partners, which in this round has raised $45 million in funding
The money received from this fundraising will be used to expand the retail market in the health insurance product group. Electronic device warranty and car insurance through online platforms including providing services to group health insurance customers Group of corporate customers, SMEs and partners.
“We believe that consumers are more aware and valued about health insurance. Including being open to buying insurance products online, we plan to expand the platform. To increase the ability to provide retail insurance products to our group health insurance and partner customers. More convenient and more comprehensive both in Thailand and Indonesia. We firmly believe that with the support of our investors, we can definitely become a leader in the Asian market.” Cindy Guo, Co-Founder. and Chief Executive Officer of Sunday Inns Co., Ltd. said
“SCB 10X is very excited to be a part of driving growth in Thailand. And in Southeast Asia of “Sundaes”, Sundays can provide End-to-End services from design and insurance. as well as selling and providing services through various channels It’s a big differentiator for Sunday compared to other InsurTech companies. We believe in Sunday’s direction. to innovate digitally by using AI and machine learning to make insurance products affordable. and is appropriate for each individual We are ready to work with Team Sunday to be a part of driving the insurance industry into the digital era,” said Ms. Mukya Panich, Chief Venture and Investment Officer, SCB TenX Company Limited.
Sunday was established in Bangkok in 2017. The company has applied AI and machine learning technologies to underwrite insurance for its auto insurance products. and group health insurance including developing and providing a platform to manage information about health insurance benefits for corporate customers to facilitate the HR department. Sunday Service To provide insured customers with access to cashless health services, whether it is a claim online doctor consultation or managing various policies Sunday has created a dynamic data model. to assist in the automatic risk and premium calculation in order to speed up business expansion. and can handle complex data quickly
“We build our AI Engine with great care. To focus on solving the problem of inefficient operation of the traditional insurance service process from the adoption of innovations to the development of new insurance products. Solving complex claims process faster, the introduction of AI chatbots helps in early detection of customer ailments, to reduce the likelihood of developing more severe symptoms with our past experience We are ready to expand our capabilities in creating innovative insurance services. with information and technology to be able to respond to risks and today’s rapidly changing consumer needs,” said Mr. Suradej Panich, Director of Data Science (Chief Data Scientist), Sunday Inns Co., Ltd.
By 2020, Sunday’s revenue has grown by over 100% and has served more than 1.6 million customers, more than 90,000 of whom are group health insurance customers from leading industries such as finance. Banking, Manufacturing, Retail Industry Sunday also offers monthly smartphone warranty service. (Subscription-based) through various partners Sunday’s as well This year, the company has expanded the market to Indonesia. to penetrate the agent market Small Business Groups (SMEs) and more partners
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